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1. What is Form CHG-1?

CHG- 1 is a form for registration of formation, modification (other than debentures), and details of charge modification by Asset Reconstruction Company in terms of Securitization. Sections 77, 78, and 79, as well as Section 384 and Rule 3(1) of the Companies Rules, 2014, entail the filing of a CHG-1. 

It must be noted that the declaration has to be made on stamp paper & should be notarized by an Advocate, a Company Secretary, a Chartered Accountant or a Cost Accountant, practising the profession. 

2. Why is it important?

Companies must file details for the registration of new or changed charges with the Registrar of Companies within a certain time frame. The fee can be imposed on a variety of properties in or out of India, and it can be placed in the interest of lenders such as banks or financial institutions. Any fee that the organisation creates or modifies must be recorded. 

Any charge that the company creates or modifies must be filed in eForm CHG-1 with the concerned RoC in the case of an Indian company and RoC, Delhi in the case of a foreign company, an international firm. Or else, charges would be imposed.

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